SilverCloud Health lines up $8.1m series A

Trinity College spinout SilverCloud Health obtained the cash from investors including Enterprise Ireland.

SilverCloud Health, a digital health spinout of Trinity College Dublin, received $8.1m in a series A round on Wednesday led by VC firm B Capital Group.

The round also included accelerator National Digital Research Centre (NDRC), which supported the research of SilverCloud’s technology, and state-owned export credit agency Enterprise Ireland.

The AIB Seed Capital Fund, managed by public-private partnership Dublin Business Innovation Centre, ACT Venture Capital and Investec Ventures also contributed.

Founded in 2012, SilverCloud operates a cloud-based behavioural health and wellbeing platform, complementary to face-to-face consultations. Patients can access 22 clinically proven programs and support for mental health conditions – such as depression, anxiety and stress – and long-term or chronic illnesses – such as diabetes or cancer.

The platform is based on research conducted by the Technology Enhanced Therapy (TET) project, a four-year joint translational research project undertaken from 2008 to 2012 by Trinity College Dublin’s School of Computer Science & Statistics, NDRC and Parents Plus, a parenting and mental health charity operated by Mater University Hospital.

TET built on more than a decade of prior research into behavioural health conducted by Trinity College and Mater University Hospital.

SilverCloud previously raised $1.95m in seed funding in 2013, led by the Ulster Bank Diageo Venture Fund, managed by Investec Ventures, with participation from the AIB Seed Capital Fund and Enterprise Ireland.

Ken Cahill, co-founder and chief executive of SilverCloud Health, said: “We chose B Capital to lead our Series A because of their healthcare knowledge and relationships, and due to their partnership with the Boston Consulting Group, which has opened doors for us to new commercial partners in the US.”

Kevin Sherry, executive director for global business development at Enterprise Ireland, said: “SilverCloud Health is a world-class health tech company and we are thrilled to see the continued growth and contribution SilverCloud Health is having in the greater healthcare landscape.

“This investment shows the impact Irish companies are having in supplying the global healthcare market with innovative, effective and scalable products and services and we look forward to the continued growth and success of SilverCloud as they enter new markets and opportunities.”

– This article first appeared on our sister site Global University Venturing.

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